Imagine you’ve been searching for your dream home and with all the bidding wars and lack of inventory you wonder if you’ll ever find an apartment. Then it happens. You find this hidden gem that somehow everyone isn’t clamoring for and you...
Imagine you’ve been searching for your dream home and with all the bidding wars and lack of inventory you wonder if you’ll ever find an apartment. Then it happens. You find this hidden gem that somehow everyone isn’t clamoring for and you fall in love. You make an offer, it gets accepted and as your attorney handles all of the due diligence and is negotiating the contract on your behalf your dream of the renovations while moving a small fortune of money over to your account to get ready to wire your deposit as you sign on the dotted line, but then the unthinkable happens….your attorney finds out the apartment is no longer available as those dirty bastards send out multiple contracts and your dream apartment is now gone. Today we are talking about the very unfortunate event unbeknownst to you that can happen when there are multiple contracts out on a property and yours is not the one that makes it to the finish line.
Typically an offer is accepted, due diligence is done, and then after the contract is negotiated everyone signs, and the buyer signs with a deposit. Sellers are allowed to send out multiple contracts, and then sellers countersign the one they want to move forward with, and then everyone is" in-contract". It’s perfectly legal and sometimes when we start hearing crickets between the buyer signing and the seller signing it might be due to this.
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